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3 Things That Will 'Continue to Plague Bitcoin': Steve Hanke

Wed, 03/29/2023 - 13:39
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Yuri Molchan
Prominent Bitcoin critic professor Hanke shared why, for him, buying Bitcoin is 'fool's game'
3 Things That Will 'Continue to Plague Bitcoin': Steve Hanke
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Professor of Applied Economics at Johns Hopkins University in the United States, Steve Hanke, who is a vocal Bitcoin opponent, has taken to Twitter to share why he does not believe in Bitcoin as a currency.

Earlier this week, Hanke trashed Bitcoin in a tweet. However, this time, he also shared three things that, he believes, will continue to bring trouble to the flagship cryptocurrency.

3 negative things about BTC per Hanke

The economist tweeted that, for him, Bitcoin is nothing more than a highly speculative asset and not a currency, by any means. According to him, the following three things will continue to give it a bad name: Bitcoin's unreliability, lack of stability and susceptibility to fraud.

Hanke urged his followers not to be tricked into buying Bitcoin, since doing so would be a "fool's game."

The pasquinade picture Hanke shared with his tweet seems to precisely show his attitude to the leading digital coin – it says Bitcoin is "backed by thin air" and has an inscription saying "in luck we trust."

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Hanke comments on recent charge of FTX founder

In an earlier tweet, Hanke shared a Financial Times article about the founder of infamous crypto trading giant FTX that went bankrupt last November, along with its trading firm, Alameda Research. FTX failed to meet the massive wave of withdrawals initiated by its customers.

The founder, former billionaire Sam Bankman-Fried, has now been accused of bribing one or more Chinese officials to unfreeze trading accounts linked to Alameda Research. The bribe was in the range of $40 million in cryptocurrency.

Hanke shared a quote from the article, stressing that this new charge has now been added to the 12 counts Sam Bankman-Fried already faces. By sharing this article, Steve Hanke sort of confirmed his later tweet, in which he labeled the flagship crypto as linked to fraudsters.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at